Sun Exchange, the global micro-leasing marketplace, is announcing a new partnership with Powerhive which aims to use the crypto economy to offer decentralized solar power to poorer nations.
With over one billion of the world’s population still living without electricity, the new project between the two companies aims to eradicate worldwide energy poverty by using cryptocurrency and blockchain technology to harness sustainable solar power.
AfricaPowerhive will be the beneficiary of funds generated from the sale of Sun Exchange’s SUNEX rewards tokens by public sale. The money will then be spent on developing solar-powered mini-grid projects in Sub-Saharan Africa. The project will allow for the solar panels used to be sold off later to Sun Exchange members who will, in turn, own the cells used in the projects and subsequently profit from a sustained period of “solar-powered money”. Sun Exchange founder and CEO Abraham Cambridge is reported to have said in a press release that:
“Together, we are working towards a world where no one is forced to cook with unsafe kerosene or wood-burning stoves, no child has to worry about how they will study after dark, and lack of energy access ceases to propel cycles of poverty.”
The project will raise in the region of USD 23 million in capital and finance 150 new projects offering 175,000 people electricity.
Powerhive has other projects underway in Africa, such as its Kuku Poa initiative which uses solar power for chicken incubation. Powerhive founder and CEO Christopher Hornor explained that the crypto-community is not simply in it for financial gain and is made up of “inspired individuals” who support crypto projects such as this that clearly work towards reducing global inequality and making a significant climatic impact. He added:
“Over the past seven years, Powerhive has built a vertically integrated platform that allows us to identify, construct and operate the highest quality and lowest cost solar-powered mini-grids in Africa.”
Sun Exchange works from the perspective of being highly respected for the humanitarian work it carries out the field of fintech and has piloted a blockchain-based program on behalf on the UN, as well as winning the Mondato Award for Social Impact in Sub Saharan Africa.
The company has been recognized as the best blockchain business in Africa at the African Fintech Awards for the past two years running.
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